This is the fourth attempt in six years to develop the Sabarmati Riverfront, as the Sabarmati Riverfront Development Corporation Limited (SRFDCL) has released a Request for Proposal (RFP) for two excellent plots on the riverfront. Situated on both the east and west banks, the plots are reserved for mixed-use commercial and recreational enterprises; residential developments are not permitted. Two plots are available for purchase: WGN-05, which is 4,420 square meters and costs INR 23,676 per square meter, and EGN-01, which is 3,045 square meters and costs INR 20,833 per square meter. The RFP is open for applications from September 13 to October 15.
The Sabarmati Riverfront Development Corporation Limited (SRFDCL) has finally released a request for proposal (RFP) for two prime plots, following three failed attempts over a period of nearly six years. The west and east banks of the Sabarmati River will see the development of mixed-use commercial and recreational projects on these sites; residential developments are not permitted.
The first plot, which is roughly 4,420 square meters in size (WGN-05) and is located on the western bank next to Vallabh Sadan, is priced at INR 23,676 per square meter.It permits a maximum built-up size of 60,050 square meters. Another property (EGN-01) on the eastern bank, behind the Lemon Tree Hotel, is 3,045 square meters in size, with a base price of INR 20,833 per square meter and a maximum allowable built-up area of 41,385 square meters.
As a component of the commercial core, the development offers a variety of retail stores, shopping centers, office buildings, eateries, cafes, and hospitality services. An auction for the development rights of these two plots will take place in the first phase after the RFP. This action is a part of a bigger plan to develop 17 plots totaling 1.49 lakh square meters spread over seven value zones.
For the past six years, the SRFDCL has been considering riverfront plot auctions, but there have been a number of obstacles to overcome. 49 plots were put up for auction in 2021, but the endeavour failed. Similar to this, high base prices prevented the intended outcomes from being obtained from an earlier valuation of two plots in the western portion in 2016.
According to a press release from SRFDCL, the RFP will be accepted starting on September 13 and applications must be made by October 15. Clear construction dates and flexible payment methods are two benefits that project developers will have access to.
In conclusion, after years of postponements and unsuccessful auctions, the SRFDCL is resuming its efforts to develop the area with the issuing of an RFP for the two prime Sabarmati Riverfront plots. In order to improve the riverfront's attractiveness as a business and leisure destination, the corporation plans to exclude residential projects and concentrate on commercial and recreational development. This time, there may be more serious bidders because of the more accommodating payment plans and precise building schedules, which would guarantee a better result. Should this phase be successful, it may pave the way for additional development of the remaining fifteen plots that will soon go up for auction.
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